Canada begins phasing out its penny

February 4, 2013 • Business

The household penny jar seen here Monday, Feb. 4, 2013, in Montreal, may soon become a thing of the past. The phasing-out of the penny will begin Feb. 4, 2013 with the Royal Canadian Mint officially ending its distribution of one-cent coins to Canada’s financial institutions. Retailers will round consumer cash transactions to the nearest nickel. (AP Photo/The Canadian Press, Ryan Remiorz)

TORONTO (AP) — Canada started phasing out its penny, the nuisance coins that clutter dressers and cost more than their one-cent value to produce.

The Royal Canadian Mint on Monday officially ended its distribution of pennies to financial institutions. Canadian Finance Minister Jim Flaherty announced last year they were a nuisance and have Login to read more

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